According to Coinbase's senior policy director, the U.S. Congress is expected to swiftly pass regulatory legislation regarding the cryptocurrency industry after Trump officially takes office in January next year.
The U.S. Congress will swiftly pass cryptocurrency legislation.
Recently, Coinbase's Chief Policy Officer Faryar Shirzad stated that after Trump officially takes over the White House, the U.S. Congress will 'fairly quickly' pass cryptocurrency legislation.
He stated that Trump has previously made it clear that he supports cryptocurrency, and simultaneously, the Republican Party has gained control of both the House and the Senate, which should make the process of Congress approving cryptocurrency legislation smoother.
'We have the most pro-crypto Congress in history, and we will soon have a very pro-crypto president,' Shirzad said. 'I think this combination should ultimately allow the 50 million Americans who own cryptocurrency to express their interests and voices in policy.'
He made these remarks as the U.S. Congress is considering passing two key pieces of legislation related to cryptocurrency.
One of them is the Republican-sponsored (21st Century Financial Innovation and Technology Act). This bill aims to establish a legal framework for digital assets. Earlier this year, this bill passed in the House of Representatives.
Another is the (Clarity for Payment Stablecoins Act), which aims to establish a regulatory framework that provides licenses to issuers of stablecoins (tokens pegged to the value of fiat currencies like the U.S. dollar). Currently, this bill has not passed a vote in the House of Representatives.
Shirzad expressed an 'optimistic' attitude towards the passage of the aforementioned legislation. However, he also mentioned that the likelihood of cryptocurrency legislation being considered during the period before Trump takes office, when Biden is serving as the so-called 'lame duck' president, is 'very small.'
However, he expects that even if Congress does not greenlight cryptocurrency legislation this year, the two pieces of legislation mentioned above 'will make significant progress and are likely to pass' by 2025.
Who will be the next SEC chairman?
Last month, SEC Chairman Gary Gensler announced that he would resign on January 20, the day Trump takes office — this can be considered good news for the 'crypto community' because Gensler is a well-known cryptocurrency skeptic who has consistently advocated for a proactive and strict regulatory stance on the cryptocurrency industry.
Trump has long promised to find someone to replace Gensler once he takes office. Although Shirzad could not predict who Trump would choose as the SEC chairman, he stated that Trump is 'very good at selecting people who share his vision.'
He added, 'I believe that as long as he (Trump) chooses a change-maker, someone who shares his vision, I think this will benefit America, society, and those who own cryptocurrency.'
